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for the economy is finally good news for wall street. stocks rose sharply because of a super strong jobs report. american businesses added 2,300 jobs in november, much more than expected, and the nation's unemployment rate fell to 7% even, that's a five-year low. the rally was broad base with all ten sectors of the s&p 500 index on the plus side. today's gains come after five straight losing sessions on fears that a stronger economy would be the cat list for the federal reserve to cut back on the stimulus plan. now it looks like investors and traders believe a growing economy is good news. so here is a look at today's closing numbers. the dow shot up almost 200 points back above the 16,000 level. the nasdaq jumped about 30 and s&p rose 20 points returning to the 1800 mark again. >>> so where are all those jobs, and what do the gains mean for the economy? hampton pearson takes a look. >> just in time for the holidays, tanger outlets opened this 100 million dollar complex with 80 high-end retailers outside washington d.c. in light of today's surprisingly strong jobs report, opening a new outlet m
add aeal that trillion dollars to the economy. u.s. compliments on food subsidies in a latin american block. president obama praised the draft agreement. analysts say it will do more to salvage the long-running doha round of talks and to solve food shortages and tell global commerce. more on this deal later. we're going to hear. the u.s. and japanese economies will recover the most next year. find out more from the chief economist when "first up" returns. ♪ >> australia's largest insurer shares are plunging, the biggest drop in 12 years up down 21%. it is paired off that one. unexpected net loss of about $250 million. it is due to write-downs at the north american operations. this is a stock where watching for you this morning. qbe falling the most in 12 years. that will be one of the lacquers on the sx 200. on tuesday a hearing is due to begin. into the asian on the crash. happened in san francisco in july. people died when the bowl and triple seven hit a seawall as a came into land. they're going to look at the pilot performance. on wednesday it is hong kong's biggest debut in a y
of people but he is also very hardheaded about things like the economy. when he got into office, they had been really sapped by sanctions for all these years and could have gone either way. look at zimbabwe next door. interesting because you mentioned the sanctions risk. there was a divide in this country about the sanctions. reagan was slow to act and there was a lot of pressure or members of the congressional black caucus and other circles as they have been noting tonight, lots of concerts in support of mr. mandela, lots of concerts in support of those who said that we should not have any dealings with south africa as long as apartheid was still in place. >> the people for sanctions were on the right side of history because it really did weaken the regime and probably brought them to the bargaining table much quicker. >> in your article, you noted south africa's economic and clinical aspects were intertwined. how so? how did he help to narrow that defined? had growth rates under 1% during the entire apartheid regime. from the time he was a like did until 2008 they were clipping along. t
as firms cutting staff so france still a big concern for the eurozone economy. we'll get more reaction on that in the next five minutes. at the same time, china is rolling out a new ipo plan. a 14 month freeze on new listings. companies will have to provide more disclosure in exchange for letting the market have more say on which deals get the green light. we're in sing ga pure with more market reaction. >> ross, beijing's news will bring the shanghai higher. the shendo boards tumbled 5%. the chinese deposit had its worst plunge ever. so before today the index had rallied more than 80% this year and it lost over 8% in today's trade. chinese authorities signal the likely resumption of ipo approvals as soon as next month. broker rages got a strong boost as can you see from the first row here. banks mostly ended in the green. health wide, new rules requiring cash dividends as well as the state council's announcement to start a preferred pallet program which may help banks shore up its core capital. but beijing is getting tougher on back door listings. while ipo approvals were stalling, ma
korea and european economies consume and really rely on getting that consumer to spend more and consume more? numbers. get inflation >> that is due in at just 30 minutes from now. we are expecting cpi rising 3.1% for the month of november. that is falling from the month of october. take a look at pbi as well. >> continually falling. >> negative one point five percent is the estimate in my with what you saw in october. consistentlync. -- in that 1.5% range. >> thanks all for that. stay with china because it has been reported that an additional 5 wall st firms are under investigation for hiring practices. new york times saying regulators have widened their inquiry as to whether jpmorgan broke anti- bribery laws. last month the bank and it plans to manage china everbright ipo amid scrutiny. the wto celebrity a landmark deal that could add $1 trillion to the global economy. subsidies on food dropping opposition to a deal. president obama praised the agreement which is a first in the 18 year history of the wto. analysts say it will do more to salvage talks then food shortages and help global
bach of positive reports on jobs, housing and the upbeat survey on the economy. the take away for investors, the fed will taper back stimulus plans and that might not be good for the markets. all this comes just two days before the release of the monthly jobs report. a key data point for central bank policy makers. it's no wonder stock averages between gains and losses and finally ending mostly in the red for the day. the dow lost 25 but down as much as 125 earlier in the day and the nasdaq edged up a fraction and s&p fell two points. the same concerns about the fed's next move sent the yield on the benchmark treasury note above 2.8%, the highest since september. >> how does the federal reserve see the economy right now as it prepares for the next policy meeting next month? steve liesman looks at the beige book survey and what that, along with this friday's november jobs report, could mean for the future of its stimulus program. >> reporter: some strong employment data today raising prospects for better job growth and less stimulus. adp in a much followed monthly report foreca
and a very favorable way for wall street despite the expectation that a growing economy will lead to the end of the federal reserve easing money policies. first to the economy, the november jobs report showed an unemployment rate of 7%. that is the lowest monthly unemployment rate since the december before president obama took office. the economy beating expectations , creating more than 200,000 jobs last month. with september and october payroll numbers also revised higher. the labor force participation rate ticked up for the first time in nearly five years. after hitting a 35 year low in october. and the total number of people out of work including the unemployed and the under employed dropped by more than a million people last month. those job gains and a broad range of industries, including higher paying sectors like manufacturing and construction, which added 27,000 new jobs alone last month. wall street today indicated investors may now be prepared to bid adios to quantitative easing despite lingering fears that the better reserve will quit its easing money policies in. the doubt -- do
they could be influenced. the official forecast is for 185,000 new jobs created by the economy, 180,000 of them private, but the whisper number on the street is stronger -- over 200,000. the number, we had a big surprise -- remember, we had a big surprise last month and everyone expected a disaster. the adp payrolls number came in over 200,000, and that surprised people. factor in revisions, and we could see 50,000 or 60,000 additional jobs added. bettingld have people on the fed starting to buy what buys in bonds.-- cars. rates on homes and the fed surprises by not tapering after the weak job report in september. talked back oner the table. >> doesn't the fed have a target for the unemployment rate? >> yes, and no. ring does notape -- tightening. then implement number does not mean as much because it was distorted by the government shutdown. it will come down, but it will not be a factor for the fed air it said officials have told me -- that. -- said. fed officials have told me it will not be dependent. fourth-quarter gdp is tracking much lower, around 1%. they want evidence we wil
basket than just stocks and bonds. for longer,say low is that a call for the economy or on the market or will they both move in lockstep? >> it is both. growth is going too slow for a longer. of time. we think that the fed will keep monetary policy easy. short-term rates will remain where they are. long-term rates will budge up a bit. the stock market -- the peas are pretty high. we can squeeze a lot of juice out of that. we want to be a bit cautious for the longer-term right now. we want to make sure the people are using this diversification and understand the correlation may work against them up the market does react in a way that we are thinking. >> how is blackrock positioning itself to benefit from this environment? you have to look at the market and say, what do i do so that people invest with us? >> you will hear a lot today. you are in the right place. we will have our chief strategist talk to you today. they will give you an idea of where to be to protect yourself. one of those areas is diversification. not just in treasury, but more in credit. you are earning a coupon in the
about this later in this half-hour? get the economy strong enough, wringing hands over federal reserve losses? charles: we are making the transition to a faster economy, the period when you hand the fed driven rally to the economy, weeks or months, and the bias will be to the downside. dagen: the fourth. and football. a missed call last week. and new technology on the field for the nfl. connell: cold weather driving that energy, we will have the forecast and latest on the market impact coming up as we continue on markets now. no one is talking about a down market but here are some winners on the s&p 500. dagen: this is what is coming up on the next half-hour of new technology that can help nfl officials and change the game looks, potentially. leading the charge as energy prices react to the bitter cold in thin the midwest. and not great news for stocks. we will dig into that even further. and a 1% on your christmas list who loves coffee? they gift for them. in short supply this year than even last. nicole: that is right. this will be hot demand item. seems somewhat irrational to some a
:30 eastern time. a dow jones survey finds that the economy probably added 180,000 jobs last month. the unemployment rate is seen slipping 7.2%. we'll talk more about market expectations in just a few minutes, but we begin this morning with our top story. nelson mandela spent 27 years in prison, led his country to democracy and became its first black president. he died at home yesterday at the age of 95. chris takes a look at mandela's life and legacy. >> history books will remember nelson mandela as one of the world' most prominent crusaders for black rights, the son of an african tribal chief, nelson mandela gave up a comfortable life and his hereditary lights to be a tribal leader to become a political activist in the fight against apartheid. the system of white rule over the majority black population. >> to feel that it is for us to continue talking nonviolence and peace. >> he was jailed for organizing demonstrations as well as treason and sabotage. he spent 27 years behind bars, but his jailing fueled the fires of freedom. his plight became an international symbol of oppressi
the economy probably added around 173,000 barrels last month alone. we will preview friday's government report. we have international trade coming along with productivity and cost. at 10:00 a.m., we get new home sales and ism nonmanufacturing. finally this afternoon we have the fed's beige book. 21 of the 30 dow components actually declined yesterday. the blue chip index dropped for a third straight day. this was a little bit of a drop because, again, three days in a row we haven't seen anything like that in several months. if you're wording about investor securities, the gauge rode to a six-week high. this morning, u.s. equity futures are indicated up slightly, up by about seven points. s&p futures down by over a point. nasdaq up about a point. and the ten-year note, this is what we've been watching so closely. the ten-year note at some point is yielding 2.8%. >> exactly. >> that's been driving the direction for a lot of these things. moving up yesterday was around 2.78. but 2.8 is where people start to sit up and take note. >> just under 16,000. vix at 14. ten-year, 2.8%. i'm not ready to sa
, but no one predicted the markets would react this week. there was worries that an improving economy would lead the fed to taper early, burr the stock market rallies big and the bond market barely moves. cyclical sectors were strong and even the interest rate sensitive groups had a good day. we closed at the highs. but what about the taper fears? remember bond yields had moved up from 2.5% at the end of october to about 2.9% today. most traders haven't changed their position, that tapering is unlikely to start before january at the earliest and it will be gentle when it starts. finally, janet yellen will believe to enforce that tapering is not tapering, like changing the unemployment threshold they have been talking about. larry, back to you. >>> all right, many thanks to bob pisani. now, it looks like more and more like obama care is failing so badly that a bailout is already in the works for the nation's biggest health insurance companies. and that's because of what many are calling the perfect storm. not enough young people enrolling, too many older and sicker people signing up, also th
for the economy in his autumn statement. the chancellor is expected to lower his borrowing costs and offer suggestions that a budget surplus is in sight for the first time since the millennium. >>> still to come, we will in around 20 minutes be at college green outside the houses of parliament for a full autumn preview. joining me will be steve radially, the boss of manufacturing policy group eef. and later in the show, helia will discuss the good and the bad with the british politician lord digby jones. always were a good comment or two, digby. >>> as far as the agenda in the states today, we have initial jobless claims being released at 8:30. the number might be a preview of what might come in tomorrow's jobs report. at 8:30, we get third quarter gdp. a key benchmark on the road map to the u.s. economic recovery. and october factory orders come out this morning. they are at 10:00 a.m. >>> that's the data. what about global asset prices? let's bring you up to speed. ten minutes to the trading day, we are weighted around about 6 to 4 currently advancers outpace decliners on the dow jones s
think it will be a little problem for the economy, unless they can prove that the economy has strengthened enough to handle it. i don't think it's there yet. >> we've had one small preview of this move and it was called this summer. we saw the ten-year move back up to 3%. we know it took some momentum out of the housing market. if i'm the fed and looking at what's happening with housing, with autos, is the evidence strong enough that that did enough damage that the same will happen again? >> i think they're worried about that. i think they're absolutely worried about that, which is why they're not -- why they're not going to taper. especially why not they're going to taper into the end of the year. right? there are two many other issues in front of them. as abigail said, the changing of the fed, debt ceiling in front of us. today there's that rumor we'll come to this budget agreement before washington goes on vacation in two weeks. if that happens, that just opens the way further, i think, for a little morally. >> you sound like you're taking some profits here, abigail. are yo
, and the result is an economy that's become profoundly unequal. >> mr. obama in professor mode had stats. america's top 10% now earn half of all u.s. income, up he said from 1/3. ceos he said used to make 20 to 30 times what workers do, now he said make 273 times more and the top 1% of americans who have net worts now 288 times what a typical u.s. family has. >> that is a dangerous and growing inequality and lack of upward mobility that has jeopardized middle class america's basic bargain, that if you work hard, you have a chance to get ahead. >> reporter: he wants at least a higher minimum wage and an extension of emergency unemployment benefits. the president said when budget talks get going obama care will not be on the table because, he said, his plan is ending one of america's worst inequities, unequal access to health care. larry. >> thanks very much, steve handelsman. we appreciate it. i'm going to say it again with all due respect to mr. president, growing income inequality is not the greatest challenge of our time. we need strong economic growth. that's the biggest challenge. i need a ri
in stock prices but in property markets, as well. he called the u.s. economy still weak and vulnerable. he says technology and financial sector stocks seem most stretched. he still sees value in energy and health care, so far this year the broad-based s&p 500 index is up more than 26%. >>> well, jim paulson is not buying the bubble talk, saying there is still a lot of upside in the market, jim, nice to have you with us. so tell us why you're not expecting any bubble trouble after a nobel prize winning economist says that things are vulnerable. >> you know, susie, i think the primary thing that creates sort of a bubble economy and ultimately a recession is just simply too much confidence about the future. when all the players, consumers, businesses, policy officials, everybody gets really bullish about the future they start to engage in dumb behaviors, they stretch the balance sheets, hire too many people and buy that second summer home and that is the thing that ultimately has to be corrected. and i think that confidence is better today but we're still at confidence levels that are below a
forward, not only the turnaround in the united states in the terms of the economy but the globe. the only thing that concerns me about the emerging markets is if the feds does start to taper back what is that going to do to those emerging markets and are they at more risk as a result of a fed pullback? >> any kind of rise in interest rate is going to kill in emerging markets. we've seen that so far. here's what i'm optimistic about. maybe an early budget deal, maybe obama care gets less messy. little optimistic maybe. maybe the economy gets better incrementally. here's the thing the thing is going to turn on. can janet yellen pull off the great deal, convince the world tapering is not tightening? does she have that power and influence? that's the wildcard. >> i don't think -- see i think the market will make that decision, because we've seen that with ben bernanke and the current fed. they've tried to say taper isn't tightening but the market is going to make that interpretation and that's going to be the struggle for the fed next year. >> the honeymoon will be very short, very short hone
the economy so far had not been strong enough to make its time to taper, but now that has changed? >> the economy is certainly doing better. the lead indicators, manufacturing, some of the retail numbers have certainly improved since we last talked. employment numbers are eight bit better. still not great, but it is better. the lagging one is the inflation. i think things have improved enough that maybe the injured forward enough. i suspect a very legitimate debate to move at the december meeting. so it is coming in the next few months. connell: let me go back there one more time. you talk about the fact valuations in several areas were stretched now here we are 16,035 or thereabouts). now the economy is picking up, the market still above 16,000 the pullback with friday's big again. what about the valuations as you see them today? >> they were the triple digit nasdaq companies, some of which are still fairly expensive. the market overall i don't think you can power the table and say it is cheap anymore, but it is not expensive relative to my other choices. so dependent on the u.s.
and for monday. 203,000 jobs being added to the economy. exciting to see. great news. >> 7% unemployment. >> yes, americans back to work. forcee labor participation went up meaning more people are being counted. that's been a big concern, that just falling off. >> all reason to cheer. and market likes it. >> market loves it. they mightd think get nervous because it might mean tapered sooner rather than december.n as soon as >> right. >> nonetheless, higher. >> good news is good news. let's go to the big picture. will show you the three charts you've got to see. the dow industrial up 183 points. up 1.2%. we were up about 193 points a few minutes ago. slightly off the highs but still vague very good day. thewe're making up for ground we lost in the preceding five days. will this is curious. spike up early this morning up to 2.93 and back were.re we you're wondering whether the taper is priced in. >> could be. >> yup. at about -- >> good is good. >> means good is good. i like it. story., by the way, same it's call it flat. it's only up 29 cents. oil is up 6% in one week. begin to think maybe this t
in the economy. the fed has been fighting that trying to keep rates down to ensure the economy is really getting going, not just one time only, but steady in creating a lot of jobs. now if today's data is a sign that things are on track in this country, i don't know what it is. i just don't know what is good data. after i saw this data. so you have to figure the fed stops fighting the tide unless rates rise and this will present more competition for stocks and it can reverse the terrific data we got today and that's what janet yellen has to be worried about. the successor to bernanke. maybe the data is aberrant. we haven't seen a surge in consumer spending. we really haven't seen a strong employment growth, and while we keep talking about a budget compromise today, forget it, it's not a surety. it may not do anything other than resolve the ridiculous sequester that's so twisted government spending. frankly, i tried to dispense with this as quick as i can. why? anyone can trace it. so let me tell you what you don't know. you have heard about this tapering game for so long. i know you don't care t
of what is expected to be a weaker payroll number in the u.s. economy. >>> germany's central bank raises its 2014 growth target for europe's largest economy as evidence shows demand from within the eurozone is finally picking up. >>> deutsche bank is to close its commodity business mainly in london and new york. display you're watching "worldwide exchange," bringing you business news from around the globe. >> a former south african president nelson mandela passed away last night at the age of 95. world leaders have been sending message messages of mourning for the leader. >> he is now resting. he is now at peace. our nation has lost its greatest son our people have lost a father. >> for now, let us pause and give thanks to the fact that nelson mandela lived, a man who took history in his hands and bent the arc of the moral universe towards justice. >> nelson mandela was not just a hero of our time, but a hero of all time. the first president of a free south africa, a man who suffered so much for freedom and justice, and a man who through his dignity and through his triumph inspired milli
in this economy? >> it does. you can see the headline number was stronger than many of us had expected. even as far as mcquarry goes as well. a lot of that was an inventory buildup. that's really great for the third quarter. that puts in some head winds for the fourth quarter. mcquarry believes you could have fourth quarter gdp as low as .8%. much lower than consensus. so, i mean, it's good for third quarter. not so good for fourth quarter. that doesn't bode well going into the end of the year. >> sam stovall, we've now that three days, potentially four days of losses to start off the month. extremely rare at least in recent history. i think this is the first time since june 2011 we've seen such a stretch. is that the kind of information people should trade off, though, or is it just statistical noise? >> i think it's noise right now. really it's only four days. the thought is they're doing this in advance of tomorrow's employment data with the worry being that the fed will likely start their tapering program this month rather than wait until march. our expectation has been that they would d
remember this is an asymmetric economy and we have keep our eyes on the bottom half. >> it suggests the economy is doing better, even in the face of headwinds and moves us closer to the fed's threshold number. we may get there quicker than we expect. >> thank you for joining us. it's time for "squawk on the street." >> 203,000 jobs added in november. a jobs report headed in the right direction. i'm carl quintanilla with jim cramer. david faber is off. the 10-year yield within about 10 basis points or so of that 3% at least earlier this morning and europe is worth watching as well. looking at the jobs number, as we said, 203,000 non-farm jobs added last month, forecasts calling for about a gain of 180,000. the unemployment rate down 0.3% to 7%, the lowest level in exactly five years. the question is whether or not the fed will scale back its bond purchasing program when the central bank meets later this month. jim, whether it was u-6, the workers, the wages, there's not a lot to quibble with in this one. >> i was most concerned about an even bigger number. this is kind of good. it wa
? >> very much like peter said, many want more evidence the economy is indeed strong enough that they feel comfortable to pull back a bit because the last thing they want to do is pull back and have to reverse course. they stop asset purchases twice before only to come back in again. they don't want that to happen. december is a tough time to start tapering. a lot of people are on vacation, the market is very thin. the last thing they would want to do is potentially make a move leading to an exaggerated reaction in the bond market because again you have this. it will be a 2014 story. cheryladam: why not the january meeting? is that too soon? speak a lot of people have turned their forecast focus to . you don't have it press conference afterwards. you can always announce the decision to start doing press conferences after every meeting and that would put january into play. between the leadership transition, the fact they will not be doing new forecasts. we are looking for a very weak fourth-quarter gdp number. could only be half to 1%. adam: let me play devil's advocate. gdp in the last qua
if this fragile economy had any legs. now we're seeing those legs. one thing i was really encouraged by was the slight increase in labor force participation rate. you can see that across a lot of h-cohorts. the only one that went down was initial one 16 to 25. other than that the other cohorts they were rising. that sort of increase lakreescrease legitimizes increase. >> and people retiring who might have stayed in the labor force during the recession. things look like better. they're retiring. the unemployment being where it is may stay down there despite the upward pressure may not be as high as some thought. haum more months before we hit 6.5% on the unemployment rate? >> i have believed for a long time we'll see 6.5% unemployment rate by the fourth quarter. keep in mind, even with today's federal reserve flow of funds data showing another record increase in household network worth. a lot of people that lost money in the financial crisis they got it back and are even ahead of the game and they're feeling more comfortable. this they want to retire they're retire.
indicate the and the economy and manufacturing continued to expand at a, quote, modest to moderate pace. the most upbeat news, manufacturers whose managers say she expanding and russian positive about the near-term future helps stem earlier losses in the market which ironically also cash in after good news from a private employment report, the automatic data processing report in. this is what it showed on your screen. private sector hiring in november, and and 215,000 jobs versus the expected 178,000 green, costing investors to fear the events of the fed's keeper coming sooner rather than later. you can see this picture, for direction the dow jones industrials have crossed the unchanged level 34 times. when you see we are down 59 points off of earlier lows still not anywhere near where we started the day and we want to talk about the s&p 500. the index is down for a fourth recession, losing five points. let's look at what is the. ticker symbol cf soaring after the fertilizer company says it expected to give significant additional cash to shareholders in the form of dividends, with the a
of taper. it gives them comfort that the economy is doing well. i think friday's job report and some other items recently, i think investors are getting comfortable if it does happen in december. >> if it does happen, they say the fed is more likely to wait and happen next year. what is the fed going to be looking at at this point? you see a stronger jobs number. it's tough for a hawk to say that the feds have a definitive breakout pattern. >> that's right. our economists are saying the fed is probably interested in trying to begin the taper process. i think january is a better date. i think that will help. if we can see spending, we'll see how that will be a factor. >> you said at the end of november that december is likely to be a pretty strong month for the market. last week was a down week. what do you think the month will bring at this point? >> i think investors will want to finish the year strong. i think they're optimistic about 2014. there's still a bit of performance chasing taking place. then our position data we track, hedge fund and mutual fund data and broader macro fund posi
to the economy. the effect that it could have, people have to have the wherewithal. if it did not have the appropriate planning where we get the money? many people live paycheck to paycheck. they have to look to the investments to liquidate which may not be the best with the rise in the interest-rate, the rise of the stock. gerri: interesting. >> it really becomes important for people to plan now so that they can have the cash or with all. gerri: to you think this will have an economic effect? >> absolutely. gerri: people been yanking money out of stocks and savings, looking under every politician that they can find to find the money to pay this tax bill. >> yes. and that will take effect in april. and people will see that. and that trickle-down effect will hopefully be able to have people working effectively so that when they can minimize the taxes ifs. gerri: it is just so funny. a lot of this is because of obamacare, because the four will correct. like somebody tweeted the other day, i like to obamacare. ides is not to not realize i was paid for it which is exactly what will happen
. they've got a good monetary policy, lower corporate tax rates than we have. their economy is growing better. but when it comes to health care, they come across the border. >> well, the wealthy and those that can afford to come across the border do. but those that can't get access to health care in america are stuck in emergency rooms with high temperatures waiting to get their children taken care of. i concede this is a mess. we may have tried too much too fast and on a partisan basis. i've said we should hit the reset button and open ourselves up to new ideas. and larry kudlow always has new ideas, even if they're conservative. >> i appreciate that and appreciate your honesty. republicans are licking their chops about the elections coming up in 2014, roughly a year from now. we're going to talk more about that later in the show. what i want to ask you is, what can you do for a simple, transparent, compassionate response to the breakdown of obama care? i have an answer. but i want you to go first. >> well, with any health reform proposal, we have to look first at the root cause of th
by for the latest read on the economy. initial jobless claims and personal consumption on deck. we have a jobs report tomorrow. michael mckee has the real deal on the numbers. data, two other central banks have their decisions -- no change on the ecb or the bank of england. >> but it does tell us something. there are implications for both of the banks in making no decisions. the bank of england, their economy is picking up and the government raise their economic nexth forecast to 2.4% year. should that push up inflation, they have a problem. they are already at 2.6%. by doing nothing, the bank of england tells us they do not think inflation will be a problem. across the channel, to the ecb, their problem is inflation is too low. it was at 0.9% in october. their decision says they are staying put and they do not need to take additional action as it did last time with a cut in interest rates, so they are on hold, but we will watch what mario draghi says. they're expected to put out new forecast for the next two years and their first look at 2015, and people will try to extrapolate where they thi
. they are expected to rise slightly to 318,000. in the meantime, a revision to gdp is seen showing the economy grew if a pate of 3.2%. both of those reports will be out at 8:30 eastern time. at 10:00, look for october factory orders. in europe we'll get an interest rate decision from the bank of england at about 7:00 eastern time and one from the ecb at about 7:45. the european central bank is widely expected to leave interest rates unchanged at its final policy meeting of the year. last month, though, policymakers surprised the markets with a cut in the interest rate to a record low of 0.25%. we'll check in with ross westgate in just a few minutes. >>> the dow and the s&p are now on a four-day losing streak. this morning, futures are around the flat line. down by about 2.5 points for the dow, down by 0.5 for the s&p and the nasdaq is up by 4 points. november same-store sales will be coming in throughout the morning. cosco's comps rose by 2% during the month. that was short of what the street had been expecting. you had lower gasoline prices and weak foreign currencies. both of those ended up hurti
of detroit's economy sold more cars than expected in november. but can the pace of sales continue into the new year? >> and falling behind, american students are lagging other nations in reading, math and science. what changes need to be made to ensure future generations can compete in a global economy? we have that and more tonight on "nightly business report" for this tuesday, december 3rd. >>> good evening everyone and welcome. i'm tyler mathisen. remember how great the month november was for stock investors, records and consecutive weeks of gains? hold that thought because so far december has gone the other way. fast. in fact, the dow and s&p 500 today ended lower for a third straight session. logging their biggest three-day decline in two months. some on wall street say stock prices are too high and they are taking profits and there is a pull back and this is the start of it, or maybe consumer spending, soggy so far this holiday season or the fed's seeing the blowout auto sales? we'll start pairing back on stimulus soon. whatever the reason the market sold off again today. th
the economy is going to do this year and next ahead of the election. >> yeah. i think the likelihood is that the economy will continue to grow at a 2% to 2.5% late next year. that's decent, but it's not stellar. given all they have said about reducing the deficit over the next few years, it leaves room for cutting taxes. i think what the uk needs is a rebalancing towards investment and exports. the government realizes this and i think as a consequence it's unlikely to do things to throw additional fuel on the fire of consumption. >> do you think the government is doing enough? are you expecting any measures, say, on planning tomorrow from the troika? would that have helped? we had construction pmis this week very strong, rising like a phoenix out of the ashes. but many suppliers saying the supply side of that market is still very, very underperforming. >> yeah. i mean, when it comes to the supply side of the uk housing market, it really is down to things like change, having a look at the green belt legislation, trying to, you know, incentivize local authorities to watch the yen gauge
and inflation data, maybe the global economy is doing better. therefore, risk assets have started to rise somewhat. let's break that down for you in terms of individual sectors. the ftse down. flat this morning. the xetra dax is up .4. the ftse is up around half of 1%. one interesting picture as far as commodities are concerned today. spot gold, 1230 is where we stand. it's down 27% this year. managed to stay fairly flat post the jobs number. on the other hand, copper is down. it's really the tapering talk outweighing the better chinese data. brent holding 111.96. on the bond market, treasuries haven't done too badly today. 2.85% in europe. 2.89%. there is a sense fairly comfortable we might get some tapering. euro dollar up to 137.68. it was at 137.16. you're not far away from the six-month high we hit last week of 103.38. chinese data and sterling, 163.66 just below the six-week number we hit last week. that's where we trend right now. in europe sixuan joins us. >> thank you, ross. happy monday. asian markets gained traction. china markets ended just marginally higher ahead of this week
something happens quick for the economy to catch up, i'm not necessarily agrees there's a crash, but a -- >> pullback. >> what would kill this rally is a sit spike in interest rates. >> we're over it. we had a global bond market sell-off today. >> by the way, mr. shiller, professor shiller may protest a little too much. he has this big theory about the stickily cal adjusted p.e. ratios, where he takes the prices by the average earnings. while it's high, he himself has had hits own index didn't consider the market to be overvalued. it's alternates high. this is his own index right now. >> the other issue is those who believe the market is propped up by the fed. that's been an issue for some time now, but it's gaining rather a lot of traction one an increasing number of people. because -- today there was an article in waerge, but how put the foot on the gas, and is there concern about fed policy and -- and people are becoming concerned. listen. at some point they have to pull the trigger and start to taper. when will it be? march? june? a year from now? that's what gets frustratin
. the economy generated 203,000 new jobs in november, and the unemployment rate fell to its lowest level if five years. the expectation was to see a build of about 180,000 jobs, so this, obviously, was much better than expected. look aa the market rally we have on our hands. investors apparently shrugging off concerns that the strong jobs number might hasten the fed's tapering of its bond-buying purchases. in the past that's concerned the markets, but look at the dow jones industrials. yes, it is up about 185 points, but earlier it gained some 200 points, the session highs. the first 200-point gain in about seven weeks. a similar story with the s&p 500. the s&p enjoying its biggest gain in four weeks. right now it's seeing a jump, pretty significant here of 19 points. just a minute ago it was up to, so it's -- up 20, so it's hovering at really strong levels here. general motors cruising to new highs it hasn't seen in more than five years. why? well, the new word is out that the automaker could ship an increased number of vehicles made in south korea, where are they shipping? to australia. so the
, is the economy stronger than free money from the fed? and number three, can interest rates and stocks both rise together? jim and jeff are in chicago. okay. guys nice to see you first of all. >> hey, sue. >> is good news finally really good news? jim you first. >> yes, it is. unfortunately yesterday, i hadn't arrived at this conclusion but i've been convinced today it piz. good news is good news because the market realizes that we're washing liquidity probably at a point where more than we should be based on the economic condition but the fed is hamstrung and going to be difficult for them to walk back. the fed knows since the fed's hands are tied let's celebrate while we can. good news, as long as it doesn't get too hot, i hate to say goldie lock's people said before me, not too hot. >> all right. moderation in all things. what do you think, jeff? >> sue, certainly adding jobs to the u.s. economy is good news, but i'm going to disagree slightly to my friend mr. your rio here. we saw that underscored on the nonfarm payrolls, we saw it go to 293 and the pits all of a sudden started selling and t
the transition to a new economy, where the federal reserve is not playing that much of a role, can happen. that's what bernanke told us what could happen. it would be amazing as a swan song if it does happen >>> speaking of the fed, front page of the business sentence, the first sentence of ben apple balm's fed piece. federal reserve officials are in no hurry to retreat. >> we're in a weird moment here. when i looked at the pan aklee of knees, not a lot of bad. not a lot of land mines. >> we had this conversation and promptly went down for a few days. >> true but the difference might be that the news flow is very positive this morning. it is indicative of the year. sisco buys a company, u.s. air. no one is thinking they will do that. here is a stock that's been stuck at 33. >> the other one is stuck, period. >> then, we have gilead and this is like apple with china mobile. this is the moment in time that people think, that's new. they create reasons to buy stocks. i was on the phone with somebody who was very big in p.c.s. this has really accelerated. >> p.c.s? >> yes. that's the reasoning behi
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